Australian logistics software provider WiseTech Global said today it has acquired CargoIT, a Swedish customs and logistics solutions provider that WiseTech says will expand its foothold in the Scandanavian region as well as complementing its cross-border logistics solutions.
Terms of the deal were not disclosed. CargoIT co-founders Bjorn and Christina Wiklund will remain with the business.
Sydney, Australia-based WiseTech has been on an acquisition tear, buying companies in recent weeks including parcel and LTL (less than truckload) shipping software provider IFS Global Holdings (doing business as SmartFreight), and the customs, freight forwarding, and warehouse management software (WMS) vendor LSI Sigma Software (DataFreight). WiseTech also bought transportation management system (TMS) software vendor Trinium Technologies in August, following its stated strategy of "accelerating long-term organic growth through targeted, valuable acquisitions."
WiseTech says is merging the capabilities of its many acquisitions into a single tool, a global logistics platform known as CargoWise One. That platform is designed to enable logistics service providers (LSPs) to execute international transactions in freight forwarding, customs clearance, warehousing, shipping, tracking, land transport, e-commerce, and cross-border compliance, the firm says.
The latest purchase brings Stockholm-based CargoIT into that broad tent, adding the firm's customs management, freight forwarding, warehousing, and transport solutions as well as a customer list that includes DHL, Kerry Logistics, SAS Cargo, Clas Ohlson, Mondelez International, Mitsubishi Motors, and Hyundai.
"Sweden is a highly developed market and the largest in Scandinavia, so bringing CargoIT into the WiseTech Global group gives us a strong foothold in a very active trade region," WiseTech Global Founder and CEO Richard White said in a release. "CargoIT's considerable Swedish customs management experience further enhances our provision of integrated cross-border logistics solutions to customers worldwide, alongside the significant productivity benefits we can deliver to the local market through our integrated CargoWise One global platform."